Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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Reply to "Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%. [/quote]

Was going to post the same![/quote]

I think the article has so many flaws it’s maddening. 
How many homeowner Boomers actually have mortgages? Many paid off their homes in the late 90s and eat 2000s.

What about GenX? No one ever talks about us? [b]We’re the ones who will inherit the Boomer $$$ - millennials and GenZ are the boomer’s grandchildren. [/b]

That wealth may have gone to Boomers for a few decades, but a lot of it will not be transferred to heirs. It will be consumed by healthcare and nursing homes.

Finally, Boomers may have a lot of equity in their homes, but as a generation they are more likely to have a pension than a 401k and many didn’t save much because they thought SS and Medicare would cover them. 
[/quote]

The bolded isn't true in most cases. Some older Boomers have Gen X kids but mostly Gen X's parents are Silent Generation and millennials parents are mostly Boomers. "Echo Boomer" was an early name for the generation before we settled on millennial. I'm a millennial and my parents were 1949 and 1951 birthdates definitely Boomers.[/quote]

Your parents were Vietnam war age.  Was your father drafted ?[/quote]

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